What exactly does Houlihan's secondaries team do given they also have fund opinions/ FSG?
their fund opinions team looks like it covers all the secondaries transactions in terms of modeling, and FSG covers all the relationship side. what's the secondaries team in PFG actually doing day to day besides drafting CIMs and other marketing?
Fund opinions isn’t banking it’s in their valuations group. FSG is just maintaining relationships. Secondaries is, well, secondaries
spoke to someone in fund opinions and they said they covered secondaries/continuation funds as well
They do fairness opinions, not deal execution. It’s like a $750k fee to sign off on the fairness of the valuation.
The secondaries advisory team and the FO teams don’t work on the same deals… that would be a clear conflict of interest.
i see thanks, been trying to figure out more about secondaries and can't find the most info online
They don’t even do fairness opinions. Its portfolio valuation that dies fund opinions and the process isn’t transactional at all
was more curious about the secondaries side, but if they dont do fairness opinions who is fund opinions working for/doing in the process?
There is a dedicated secondaries team working on the transaction, but for a fund opinion, it is just the portfolio valuation group. They don’t work with secondaries team. The PV group (which is also fund opinions technically but the work is the same) values each asset getting transferred over and says the mark the PE fund wants is reasonable. They don’t work in the process or transaction so the day to day is the same as PV. Fund opinions isn’t banking (it’s for continuation funds) but secondaries is. Hopefully that helps
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